All Forum Posts by: Account Closed

I use TenantCloud. It has great features, but also lacks a lot. I will give you a quick rundown.

PROS

-Posts listings to 20+ websites

-Great free marketing website for your listings

-Mobile App

CONS

-Accounting is lacking. I still use Excel sheets instead of software.

-Setting up accounts and payments is a difficult and confusing process according to my tenants

Overall, it has a neat presentation and I can't give it enough praise for its marketing websites and how it pushes listings out to a ton of websites (except craigslist). The mobile app is still a bit buggy, but allows me to work on the go. The application process is pretty simple and allows Tenants to pay for their own credit/BG checks, which seem pretty accurate (I mention this because its competitor, cozy, has been known to sometimes be less accurate). Their developers and team are also very open to feedback and what not. I sometimes send in ideas and get responses back from the developers themselves which is awesome. It is an improving product.

However, it lacks in a couple areas. First off, I believe Cozy to be more user friendly. For TenantCloud, you first have to add the Tenant to the system, then send an email for them to set up the account, then once they set up the account they have to set up a payment account (which is a very complicated process). I almost always have tenants ask me for help with it (luckily their help section on the website is very informative). They advertise TCPayments by Dwolla as their big selling point for their $9/mo subscription plan. No transaction fees and unlimited transactions for landlords and tenants, sounds pretty nice. However, it is a pain in the butt to set up (just based on my experience and according to my tenants). I always have to tell tenants to set up the account well in advance before their rent is due, otherwise it won't be ready in time to pay it, as it takes a few days to set up. Yes... I said days. Also, the accounting is very basic, however that seems to be the trend with all property management software.

With that being said, I still consider TenantCloud to be one of the better property management software products on the market today. There is a free tier which can get you a majority of the features, but I pay a small $9/mo fee for TCPayments and E-sign leases. I would recommend you give it a try and see how you like it, also don't be afraid to try out Cozy too. Each has their pros and cons.

Wholesaling is an interesting beast. It is very competitive. I wasn't able to do my first wholesale deals until I really developed connections within my local real estate market and found out how to approach it. I also work with wholesalers who do 200+ deals a year. Here are some tips I can offer:

Make an LLC. Any business venture should protect themselves and their assets with an LLC. With that being said, read up on what is defined as a "broker" in your area! Many wholesalers are being fined right now because they are not registered brokers. But there are many different viewpoints out there and you need to read up on it.

Make a website, develop a brand and get your name out there. Post on craigslist, it is free advertising... great tool for people just starting off and not looking to spend thousands of dollars a month on billboards that say "I buy homes for CASH".

Connect, connect and connect some more. Go join an investment club. Go to BP Meetups. Find ways to connect with EVERYONE. There are so many people out there in the real estate business right now. When you start mingling with local real estate investors and professionals, you will find that a lot of them are looking to make connections too! Next thing you know, you start learning from others and making your first deal.

Finally, CONNECT SOME MORE! Like I said, wholesaling is extremely hard to do especially if you are just starting off in real estate. However, hard work ALWAYS pays off. If you study, connect with others and perfect your process, you can be better than everyone else.

@Charles A Guilford Your right! I wasn't proposing "neutrality". I was suggesting to take your business elsewhere in this situation. That doesn't support the oppressor, hell they lose a client and money because of it. There are millions of great people out there who share similar ideas and would be more than happy to work with you. Also, just be aware, there will always be an "oppressed" group or a collection of people who feel like the odds are against them. It starts to turn into a very complex discussion that has nothing to do with real estate, so I will stop here. However, I do agree with you that BP is a great platform for self empowerment and connections.

@Derrick Thomas I agree that discrimination (not just racism) does play a role in real estate often. Wish things were different, but sadly this is the world we live in.

@Ericka G. I don't think a "sting" operation would be the best course of action. These big companies have money to throw around for defamation lawsuits and such. Lets just let them fade away. They will have to adapt, a natural business occurrence, or face tough times.

Hey @William Glass

Thanks for the advice. I actually had a period where applications were free and they applied during that time. They also paid for their own background check and such (~$18 thru my property management software).

I did get a management agreement from the owners, which is a big relief off my shoulders. However, they explained what they are trying to do. Basically they are waiting until July 1 to tell their realtor to get lost and they rent it out with me (July 1 also happens to be when the lease begins... you can imagine the tight time frame here for all parties).

They have two days now. Their realtor told them that they had someone who may be interested in putting in an offer. So I ask, since you seem to have a strong knowledge of real estate sales, is it even possible to receive a sales contract in 2 days or less? 

Thanks in advance

Hi guys, short rant here and need advice.

I'm pretty new around here, and ran into a first of a kind situation today that I need advice on, so I figured I would start here.

I'm a property manager trying to grow and expand my business. After meeting with a home owner and having a verbal agreement to show off the property and find renters, I spent some time listing the property and working hard to find a great tenant. Sure enough after a few days, I find a great tenant who passed all background/credit and income verification checks. I present this great news to the owners, who are thrilled to hear I have done with within a few weeks. They say they wish to employ me and move forward with me as the property manager, which is great. I send over a management agreement and wait to receive it back. After about 2 days, the potential tenant calls back and wishes to view the property again, this time with her kids. I see no problem with this and say why not.

This was the first miscommunication error. The potential tenant thought that we would be signing a lease agreement today so brings the entire family and then some, along with some boxes to move in. When I am informed about this, I hesitate. Since I do not have an official in writing management agreement, I have to refuse it and tell them no to moving in a bit early and spending the night. Toughest thing I have ever had to do so far because they are great people and great renters and it was a very awkward situation.

Before I let them go, I try and see if the owner would quickly send over the management agreement so I can let these guys move in a bit considering I am pushing for a July 1 lease and move in date. Keep in mind they had brought first months rent and security deposit and had it in hand (cash) when they showed up. The owners didn't want to talk and instead decided to text, which lead me to look like an idiot while I tried to explain the situation to the owners via text. Have heard nothing back from owners yet despite multiple calls throughout the day and my brief text convo I had. How frustrating, I line everything up for them and it still won't go forward yet. Also had to play therapist to the potential tenant who was upset about owners and is worried about the property now.

Great. What should my next steps be? Obviously I politely requested the management agreement form to be sent to me from the owners as soon as possible so we can move forward. But now I risk losing great tenants and I'm sure I looked like an idiot trying to vouch for the renters and let them move in a bit early. How do I address this situation?